The Balance Sheet columns of the work sheet show one account that needs to be closed.

Question

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The Balance Sheet columns of the work sheet show the amount of assets, liabilities, and equity as of the end of the accounting period. It does not show accounts that need to be closed. However, the Income Statement columns of the work sheet show the revenues and expenses for the period, and it is from this section that accounts that need to be closed (i.e. transferred to the permanent accounts) can be identified.

The Balance Sheet Columns of the Work Sheet Show One